Portland Real Estate Update by Janeese Jackson » getting FHA financing http://fabulousportland.com all about Portland Oregon including real estate, investment properties and general "of interest" Wed, 08 Feb 2012 19:08:48 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 BIG Changes Coming to FHA! What else is new???!!! http://fabulousportland.com/2009/09/18/big-changes-coming-to-fha-what-else-is-new/ http://fabulousportland.com/2009/09/18/big-changes-coming-to-fha-what-else-is-new/#comments Fri, 18 Sep 2009 22:01:03 +0000 Janeese Jackson http://fabulousportland.com/2009/09/18/big-changes-coming-to-fha-what-else-is-new/ As we continue to struggle with our national and local Portland Oregon housing markets, what we don’t need is more obstacles.  However, it appears that FHA (Federal Housing Authority) is facing a liquidity problem!  17% of FHA loans are in foreclosure, compared with 13% of the entire market.  Thus, FHA’s cash reserves have declined below acceptable levels.  Some new changes are “coming down the pike”.

FHA will hire a risk manager.  They will increase audited financial net worth requirement of approved FHA lenders from $250,000 up to $1,000,000.  The will increase minimum credit score standards for buyers.  And, they will now require income verification on streamline FHA refinances.  This may disqualify some buyers that are on the edge of qualifying and it will decrease the number of lenders that can do FHA loans. 

These new developments plus the up-coming end of the 1st-time homebuyer credit (homes must be closed by November 30th, 2009) should motivate some buyers to “step up to the plate”!!!

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